As reported on the State Procurement website, the State Savings Bank of Ukraine will issue a loan of 800 million hryvnia to the state-owned enterprise Energorynok.
The proposal was accepted on December 24, 2014, and the contract is scheduled to be signed by January 28, 2015. The funds are being raised for a one-year period. The cost of servicing the line will be UAH 175,250,000 (excluding VAT).
The credit line is traditionally planned to be attracted to ensure settlements with energy generating companies so that the latter can maintain 100% settlements with coal enterprises.
In 2013, Energorynok secured UAH 10 billion in advance financing from Oschadbank to support producers. These funds were used to make advance payments to thermal power plants (TPPs) to accumulate fuel in warehouses and pay for gas. In 2012, the loan amounted to UAH 9 billion.
State Enterprise "Energorynok" performs the functions of the operator of the wholesale electricity market of Ukraine.
It was also previously reported that DTEK Zakhidenergo took out a UAH 320 million loan from PJSC Oschadbank at 23% per annum.
According to the National Bank of Ukraine, as of July 1, 2014, Oschadbank ranked second among 173 banks operating in the country in terms of total assets.
The head of Oschadbank is Andriy Pyshnyy (read more about him: Andriy Pyshnyy: Yatsenyuk's Godfather and Oschadbank's Killer ) – a longtime friend, ally, and godfather of Ukrainian Prime Minister Arseniy Yatsenyuk.
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